Russia asks Brazil for help with IMF and World Bank

Russian President Vladimir Putin and his Brazilian counterpart Jair Bolsonaro attend a news conference after their talks in Moscow, Russia February 16, 2022. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS/File Photo

Sign up now for FREE unlimited access to Reuters.com

BRASILIA, April 14 (Reuters) – Russia has asked Brazil for support from the International Monetary Fund, the World Bank and the G20 group of leading economies to help it counter crippling sanctions imposed by the West since it invaded Ukraine according to a letter from Reuters.

Russian Finance Minister Anton Siluanov wrote to Economy Minister Paulo Guedes asking for Brazil’s “support to prevent political allegations and attempts at discrimination in international financial institutions and multilateral forums”.

“Work is underway behind the scenes at the IMF and World Bank to restrict or even exclude Russia from the decision-making process,” Siluanov wrote. He did not address obstacles to Russian involvement in these institutions, and his claims could not be independently verified.

Sign up now for FREE unlimited access to Reuters.com

The letter, which made no mention of the war in Ukraine, was dated March 30 and was forwarded to the Brazilian minister by the Russian ambassador in Brasilia on Wednesday.

“As you know, Russia is going through a challenging period of economic and financial turmoil caused by the sanctions imposed by the United States and its allies,” the Russian minister said.

Asked about the letter, Erivaldo Gomes, secretary for international economic affairs at Brazil’s economy ministry, said Brasilia would like Russia to remain part of discussions in multilateral organizations.

“From a Brazilian point of view … it is important to have an open dialogue,” he said. “Our bridges are the international bodies and we believe that these bridges must be preserved.”

US Treasury Secretary Janet Yellen said last week that the United States would not attend any G20 meeting if Russia were present, citing the invasion. Continue reading

Almost half of Russia’s international reserves have been frozen and foreign trade transactions are blocked, including those with its partners in emerging economies, Siluanov said.

“The United States and its satellites are pursuing a policy of isolating Russia from the international community,” he added.

Siluanov said the sanctions violated the principles of the Bretton Woods Accords that established the IMF and World Bank.

“We believe that the current crisis, caused by unprecedented economic sanctions being imposed by the G7 countries, may have long-lasting consequences unless we take collective action to resolve them,” he wrote to Guedes .

Brazil’s far-right President Jair Bolsonaro, who visited Moscow just days before the invasion, has kept Brazil neutral on the Ukraine crisis and has not condemned the invasion, drawing criticism from the Biden administration.

Bolsonaro expressed “solidarity” when he visited Russian President Vladimir Putin in the Kremlin on February 16, about a week before the invasion began.

Brazilian Foreign Minister Carlos Franca said Brazil opposes the United States’ bid to exclude Russia from the G20.

“The most important thing at this point is that all international forums, G20, WTO, FAO, are fully operational and for that all countries must be present, including Russia,” Franca said at a Senate hearing on March 25.

Sign up now for FREE unlimited access to Reuters.com

Reporting by Rodrigo Viga and Anthony Boadle; Additional reporting by Marcela Ayres; Editing by Andrea Ricci

Our standards: The Thomson Reuters Trust Principles.

Leave a Reply

Your email address will not be published.